This year, the wedding industry is poised for unprecedented growth, with approximately 35 lakh weddings anticipated, potentially generating a staggering Rs 4.25 lakh crore in revenue, the highest on record, according to a study by the research division of the Confederation of All India Traders (CAIT).
B C Bhartia, National President of CAIT, mentioned that Delhi is projected to host over 3.5 lakh weddings this season alone, contributing to an expected Rs 1 lakh crore in local revenue. This figure shows considerable growth from the previous year, which saw 32 lakh weddings and an estimated expenditure of Rs 3.75 lakh crore during the same period.
The study details that within the 23-day wedding period, around 6 lakh weddings are expected to have an average spend of Rs 3 lakh each, while approximately 10 lakh weddings might see expenses around Rs 6 lakh each. Furthermore, about 12 lakh weddings could incur costs of Rs 10 lakh each, with 6 lakh weddings costing Rs 25 lakh each. Remarkably, 50,000 weddings are set to have an expenditure of Rs 50 lakh, and another 50,000 could have budgets surpassing Rs 1 crore.
Venues such as banquet halls, hotels, open lawns, community centers, public parks, and farmhouses nationwide, including in Delhi, are fully equipped to accommodate this surge in nuptials.
These celebrations are not just about venue bookings; they also boost various sectors of the economy. Services ranging from tent and flower decorators, crockery suppliers, caterers, travel and cab services, professional welcome groups, vegetable vendors, photographers, videographers, traditional musicians and bands, DJs, horse rentals for processions, lighting providers, and more benefit significantly. Event management, in particular, is seen as a sector with substantial business potential in this booming wedding season.
